All Forum Posts by: Mike Matthews

Do to the amazing and rapid growth of BP I am bumping this to the top again. This is in my opinion all you need to know to make it investing in mobile homes.

, or you can learn fro FREE from park managers.

If anyone needs me personally, please reach me though my own website. I am very busy and sad to sad I do not have the time to check BP as often as I should. This is a fantastic site here. I wish [LINK REMOVED] could emulate it :roll:

2 Votes

Think, there is more than one way to sell a Mobile Home, Of over 100 Sticks and Bricks homes and Mobile Homes, I have never had a foreclosure. But I have had more evictions than I care to mention. What state do you reside in. that will make a big difference in what weapons you have to fight with.

You are smarter than Big Brother. NEVER FEED FEAR/

Originally posted by Francis Dai:

The SAFE Act states that a homeowner selling his primary residence does NOT need to employ a licensed mortgage originator.

What is the definition of primary residence?

If I buy a mobile home, move in, change the utilities into my name, and get one utilities bill, does that make the mobile home my primary?

0 Votes

I agree, these FEMA Trailers are Cr*p. I will not buy any of them either. 3 bedroom 1 bathroom? How am I ever going to rent to ownl that, and only 14 wide. I am not interested at all.

I do not think the FEMA trailers are hurting me though. At least I hope they are not. I am remodeling 3 homes right now and will have them all on the market in under 10 days. We will see.

I am glad you are wise enough to stay away from them.

Originally posted by Runum:

Around our area the feds have auctioned and sold off hundreds of FEMA trailers. These trailers are clearly labeled not for long term use and have no holding tanks. Due to the limitations, I stayed away from them. Many are showing up now on Craigslist as rentals. I smell some future lawsuits brewing.

Anyway, this is an FYI for the DFW area. These trailers are having an impact on the number of calls I am receiving about my vacancies and units for sale. Seems like everyone and his brother has 2-3 of these things for sale or rent.

1 Vote

Originally posted by Francis Dai:

Thanks to this particular forum I've started taking a good look at the mobile homes around me, something that I previously missed.

My question: how do you find mobile homes at 70% of market value? I'm fairly knowledgeable about the options for single family residences, but I'm clueless when it comes to mobile homes.

How does the foreclosure process look like for mobile homes? I haven't seen any mobile homes in the courthouse foreclosure auctions I've attended. For that matter, I don't recall seeing them in the Notice of Default and Notice of Trustee Sale lists, either.

So, does anyone have any experience doing direct marketing to mobile homes?

Any tips regarding finding and buying motivated sellers of mobile homes in general, would be greatly appreciated.

I posted this blog on Bigger pockets a while back, read the second blog down, it will answer all the questions that you have. It is the 1st chapter in my book,

"Fishing for Fortunes"

It will tell you in detail what action you must take. What questions you need to ask etc. It really is that simple, I have 3 mobile home purchased in the last 30 days by doing just as I explain.

http://www.biggerpockets.com/blogs/743

0 Votes

Originally posted by Richard Graham:

forget the owner finance. Do a lease option, givem a rent credit. Keep the asset for depreciation purposes and carry on until somebody runs these progressives outta office

Richard, We are brothers of the same, I like someone that thinks the same as me. Good work

0 Votes

In Texas a Mobile Home is NOT Real Property but personal property. It can be made into real property if you wish. But I would see no need for that unless you are selling a land home deal and need bank financing.

3 Votes

Originally posted by William Walsh:

Originally posted by Mike Matthews:

It depends on how you sell. YOU DO NOT need a license is you sell Lease Option or Owner Financing, If you retail sale you will.

Could you explain how you structure an owner finance deal so you don't need a license? As far as I know, this can't be done w/out violating TDHCA rules. If you buy the home and sell as owner finance, you should record the buyer as the new home owner on the SOL and you as the lien holder. What are you doing differently?

I do not owner finance any of my homes. You are correct if you owner finance you must record the buyer on title and you as the 1st party lien holder. I am very sorry for my incorrect statement in the post above.

I do not owner finance I only sell rent to own. That is much different

0 Votes

Contact me by PM if you want more info on how to use the power of attorney please. That is not information I wish to post to the public. I usually only give that info to my students.

0 Votes

I lead the mobile home focus group for the Real Estate Investment club of Houston untill 3 months ago. Now I am back in Iraq finishing out Log Cap IV.

Ther are no Lonnie Deals. His method will give you a disgust for mobile homes. You do not want to even be in any of the parks that would allow a lonnie deal.

Buy a home 10 years old for 10 - 12 k and sell it rent to own for 27k at 13% interest and 3-5 K down. That will make you plenty of money. Until you spend it all on homes like I did.. It takes a few years to get all your cash back. So here I am making cash and letting my homes work for me, LOL

0 Votes

Just wanted to say hello and see how everyone is doing?

All of my mobile homes are still rented and I am happy about that.

I am putting back 10k each month so I can return and buy another 15 mobile homes. So things are good. Keep investing everyone.

:mrgreen:

0 Votes

All Forum Posts by: Mike Matthews

Mike Matthews has started 15 posts and replied 194 times.

Post: MY GIFT TO BIGGER POCKETS MH INVESTORS

Post: SAFE Act and the definition of primary residence

Post: FEMA trailers

Post: Finding cheap mobile homes

Post: Investing in Mobile Homes after June 1 HUD Safe Act

Post: Investing in Mobile Homes after June 1 HUD Safe Act

Post: TX License

Post: TX License

Post: Texas Lonnie Dealers

Post: Hello From Iraq